Abu Dhabi: Abu Dhabi National Insurance Company (Adnic)’s net profit grew 22.6 per cent in the first nine months of 2018 due to higher underwriting income, the company said on Wednesday.
The Abu Dhabi-listed company posted a net profit of Dh218.8 million during the nine-month period ended September 30, compared to Dh178.5 million net profit for the same period in 2017.
Adnic’s net underwriting income increased by 27.5 per cent to Dh304.7 million for the nine month period ended September 30, 2018 against net underwriting income of Dh239 million for the same period in 2017.
“The results stand as testament to the company’s continuous efforts to become the insurer of choice for customers, and its target to optimise return on investment for shareholders,” said Shaikh Mohammad Bin Saif Al Nahyan, chairman of Adnic in a statement.
“Adnic’s leading performance across the business is driven by a successful strategy of revenue stream diversification across different insurance segments, new product development, a clear focus on underwriting quality, and greater business efficiency.”
The company’s net investment and other income also increased by 2.8 per cent to Dh90.7 million for the nine-month period of 2018 compared to Dh88.2 million for the same period in 2017.
Total assets increased by 9.3 per cent to Dh7.32 billion by the end of September 30, 2018, compared to Dh6.70 billion as at December 31, 2017.